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163 New Listings – Kent County Land Bank

Feel like you just can’t find the right house for sale in this market?
163 new rehabs could be hitting the market later this year.

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FULL ARTICLE: “[Kent County] Land Bank Has a Decision to Make”

EXCERPT from the Grand Rapids Business Journal:

“Grand Rapids City Commissioner James White voted with the majority last week to transfer and sell 163 tax-foreclosed properties in the city to the Kent County Land Bank Authority because the action would provide plenty of work for small construction companies and remodelers.

“Now it’s up to the KLCBA board members to put those firms to work.

“The land bank board will meet Wednesday to decide whether to enter into a purchase and development agreement with the city. If board members agree to buy all the properties — of which the vast majority are residential — the organization will have to pay the city $1.182 million for the parcels by July 19 and redevelop or sell all 163 within 18 months.

“KCLBA Executive Director Dave Allen told commissioners last week that could be done and he felt most would be sold by the end of the year.”

More info on Kent County Land Bank: http://kclba.org/

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How to I find a home for sale by Land Contract in Grand Rapids?

Link: Question and Answer

Good question…many homes for sale by land contract are not listed on the MLS because sellers just dont like paying commission before they are free and clear of the home. Say you buy a listed home on land contract, you close two weeks later, 6% of the 10% down payment from the buyer is split by the listing and selling broker. The seller is left with the remaining 4% or so minus closing costs, and a 3-5 year loan to keep track of. “Might as well just rent it and wait for the market to pick up” is something Realtors hear often these days.

I have two answers for you. First, there a lot of investors in town selling homes on land contract. Often a sign in the yard sells a home like that in a good neighborhood and good schools. You’ll want to talk to a Realtor who knows who those investors are, and which ones are worth contacting and which are not. Second, if you have at least a good 10% to put down on a house, look for your ideal home in the ideal neighborhood that is currently for rent, and make an offer. Just because its not listed does not mean its not for sale! And…you’ll want a good Realtor to represent you so you dont get ripped off in terms of value, terms, interest rate, and general business conduct.

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